You should read this product information carefully in conjunction with our Savings Terms and Conditions and ID for customers to ensure you understand the features and conditions of what you are buying. Our savings accounts are only available to UK residents. We recommend you contact your local branch to make an appointment before delivering your completed application form.
- Account name
- Home saver
- What is the interest rate?
Interest rate bandInterest rate£10+1.40% Gross/AER variable
- If the balance falls below the minimum operating balance, a variable rate of 0.40% gross/AER will be paid.
- Interest is variable and calculated daily and paid annually on 31 October into the account, to another Newbury Building Society account or your bank account.
- Can Newbury Building Society change the interest rate?
- The rate can be changed in accordance with our Savings terms and conditions. These can be accessed in branch and online at www.newbury.co.uk.
- You will be notified of any material downward rate change by letter or secure message.
- What would the estimated balance be after 12 months based on a £100 deposit per month?
Interest rate bandEstimated balance
- This estimation is for illustrative purposes only and does not reflect individual circumstances.
- This estimation is based on an initial deposit of £100 made on 1 November followed by a monthly deposit of £100 paid on the 1st of every month for 11 months.
- How do I open and manage my account?
- If you are opening your account online, the initial deposit must be made after the account has been approved and within 14 calendar days.
- Available to those aged 16 and over.
- Only one account per customer either in single or joint names.
- The minimum opening and operating balance is £10.
- The maximum opening balance is £500.
- The maximum balance is £20,000. Interest added to the account will count towards the maximum balance. Once the balance has reached the maximum, the account will be transferred to an Instant premium account (an easy access, variable rate account that may be subject to change in the future). We will contact you to organise a savings review and discuss alternative accounts.
- Monthly deposits can be made by cash, cheque or transfer from a bank account only. Failure to make a monthly deposit will result in the account being transerred to an Instant Premium account.
- A deposit must be made each calendar month (multiple deposits can be made each month subject to the minimum and maximum monthly amounts): - Minimum monthly deposit = £10 - Maximum monthly deposit = £500
- This account can be opened and operated in branch, via the post or online.
- To open or operate this account online the minimum age is 18 years.
- Account holders must be resident within our operating area as defined in 'Important notes'.
- Can I withdraw money?
- 2 withdrawals can be made from the account, per calendar year.
- Withdrawals can be made:
- Up to £500 cash per day in branch.
- By cheque against cleared funds in branch or by post.
- By electronic payment in branch to your nominated account (up to £50,000).
- Via the myaccounts online service to your nominated account (up to £50,000).
- By CHAPS for electronic payments to your nominated account (over £50,000).
- Additional information
- Tax status - From 6 April 2016, HMRC introduced a Personal Savings Allowance for individuals and as a result interest on savings is paid gross of tax. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. For further information go to www.GOV.uk.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.
- Our local operating area is: AL, BA, BH, BN, BS, DT, E, EC, EX, GL, GU, HA, HP, HR, KT, LU, MK, N, NN, NW, OX, PO, RG, RH, SE, SG, SL, SM, SN, SO, SP, SW, TA, TW, UB, W, WC, WD, WR. We accept savings applications from existing members regardless of their postcodes.
- We will require identification for all parties on a savings account, please see ID for customers for details.
- You can register with myaccounts, our online service, to view your accounts online, use secure messaging and request online withdrawals to our nominated account. Online withdrawal requests for sums up to £5,000 made between 9am and 5pm on business days (Monday to Friday excluding Bank Holidays), will be processed on the same day. Requests for sums over £5,000 and up to the maximum £50,000 made between 9am and 3pm on business days, will be processed the same day. Requests after 3pm will be processed on the next business day.
- Online withdrawal access is not available to accounts with a nominee or executor. These types of accounts can be opened and operated in branch.
- For more information regarding our online service, electronic payment and CHAPS service see our Savings terms and conditions.
- There are no charges for the normal operation of this account. See our Savings terms and conditions for more information.
- Account holders will be issued with a Member Loyalty Card enabling discounts and special offers from local traders who participate in our scheme.
- The customer(s) must take out a mortgage with Newbury Building Society within 12 months of the account reaching it's limit or closure.
- The Home saver account must have been held and operated within normal account terms and conditions for a minimum of 12 months to qualify.
- A minimum of £5,000 must have been saved in order to qualify for payment.
- The customer(s) must be a first time buyer(s).
- If one or more Home saver accounts are held in a sole name only one payment will be made.
- If one or more Home saver accounts are held in joint names only one payment will be made.
- The payment will be made one per mortgage whether the Home saver is held in sole or joint names.
- The payment will be made within one month of the completion of the mortgage.
- The mortgage must be for a residential property and not buy to let or commercial.
- The payment will not be made if the mortgage application is submitted via an intermediary.
- The payment will be made to the Home saver account holder(s) only.
Home saver account holders are entitled to a £500 cash bonus when taking out a new mortgage with Newbury Building Society, subject to the following terms:
Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.